Sapura Energy Bhd and its partners, Petronas Carigali Sdn Bhd and Sarawak Shell Bhd, have taken the final investment decision (FID) to develop the gas fields off Sarawak.
KUALA LUMPUR: Sapura Energy Bhd
and its partners, Petronas Carigali Sdn Bhd and Sarawak Shell Bhd, have taken the final investment decision (FID) to develop the gas fields off Sarawak.
Sapura Energy said on Wednesday its unit Sapura Exploration and Production (Sarawak) Inc. and the two partners would develop the Gorek, Larak and Bakong fields as phase one in the SK408 production sharing contract.
It said the FID follows the field development plan approval from Petroliam Nasional Bhd and the signing of the key terms to the gas sales agreement for the phase one.
The fields under the SK408 gas field development project are part of the discoveries made by Sapura E&P in its 2014 drilling campaign.
The fields will be developed as three separate wellhead platforms tied back to the existing processing facility and to the MLNG complex.
The SK408 gas fields will be Sapura E&P's second major upstream gas development project in East Malaysia, after the successful development and commencement of production from the SK310 B15 gas field.
Sapura Energy president and group CEO Tan Sri Shahril Shamsuddin said: “The final investment decision represents a critical milestone as we further progress towards unlocking the value of our gas fields thus, providing clear visibility of our long-term gas monetisation plans.
“ With the recent extensive addition to our exploration acreage in Mexico and New Zealand, the group has been able to geographically diversify our E&P segment and put in place a well-balanced portfolio across exploration, development and production phases,” he said.
Sapura E&P is the development and production operator of the Larak and Bakong fields. Sarawak Shell Berhad is the development and production operator of the Gorek field.
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